Drill chucks are used in conjunction with power drills for releasably engaging a drill bit. Conventional drill chucks also require a special tool for tightening and loosening the drill chuck onto the drill bit. Recently, drill chucks have been designed to be tightened by hand wherein a user can rotate a chuck sleeve of the drill chuck to cause the jaws of the drill chuck to engage and disengage a drill bit. The user of the drill must rotate the adjustable chuck sleeve with one hand while holding a drill bit inside the jaw members until the drill bit is locked in place. More recently, so-called self-locking drill chucks have been developed in which a drill bit can be inserted and with the chuck being disposed in a “chuck” mode, the operation of the drill will cause the chuck to be tightened or loosened, depending on the rotational direction of the drill. Currently, chuck devices that are capable of being tightened or loosened by operation of the drill are activated by adjusting the sleeve on the chuck between a drill mode position and chuck mode position.